New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Disappointing FY25 guidance, relative to market expectations, dominated Mercury’s FY24 result.</li><li>MCY is being exposed to tail risks not seen in the market since 2008, with the extreme market conditions impacting MCY’s 1Q25 performance.</li><li>The cost of replacing hydro generation is higher than ever before, and that is the driver of the EBITDAF and dividend misses. </li></ul>

Disappointing FY25 guidance, relative to market expectations, dominated Mercury’s FY24 result.MCY is being exposed to tail risks not seen in the market since 2008, with the extreme market conditions impacting MCY’s 1Q25 performance.The cost of replacing hydro generation is higher than ever before, and that is the driver of the EBITDAF and dividend misses. 

Mercury - Holding on to a Taniwha Tail — FY24 Result

Mercury NZ Ltd

Mercury - Holding on to a Taniwha Tail — FY24 Result